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(AFP) - The Philippines said Wednesday it will join the China-backed
Asian Infrastructure Investment Bank, despite being engaged in a dispute
with Beijing over its claims in the South China Sea.
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Viewed by some as a rival to the World Bank and the Philippines-based
Asian Development Bank, the AIIB is expected to begin operation early
next year with an opening ceremony scheduled for January 16-18.
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The United States and Japan, respectively the world¡¯s largest and
third-largest economies and the principal shareholders in the ADB, have
both declined to join the AIIB, part of an initiative by China to expand
its financial clout in Asia.
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The move by the Philippines, a key US ally in Asia, comes after it took
Beijing to a United Nations tribunal in a bid to challenge its extensive
claims in the South China Sea.
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"The two (AIIB membership and the maritime dispute) are totally
unrelated," Philippine foreign department spokesman Charles Jose told
AFP Wednesday.
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"The decision of the Philippines to be one of the founding members of
the China-led AIIB is based on the country¡¯s economic development
imperatives," President Benigno Aquino¡¯s spokesman Herminio Coloma told
AFP.
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"There is no linkage between this decision and the issues raised by the
Philippines with regard to maritime entitlement claims" in the South
China Sea, Coloma added.
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In a statement, Philippines Finance Secretary Cesar Purisima said his
country¡¯s infrastructure financing needs would top $127.12 billion
between 2010 and 2020, quoting the ADB.
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He said the AIIB would "help close infrastructure financing gaps in many
countries" and may lead to "widening job and business growth
opportunities" for Filipinos.
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"The Philippines stands to gain from signing on as a founding member. We
can look forward to deepening our country¡¯s technical expertise in
infrastructure as we expand bankable projects," he added.
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The Philippines would contribute $196 million to AIIB capital, he said.
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Beijing will be by far the largest shareholder of the AIIB at about 30
percent, according to the legal framework signed by 50 founding member
countries in late June.
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The bank is based in Beijing and currently has 57 members, including
Australia, Germany and Britain. It expects to offer its first batch of
project loans by mid-2016, according to China¡¯s official Xinhua news
agency.
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Asked whether the South China Sea dispute would affect the Philippines¡¯
AIIB membership, Chinese foreign ministry spokesman Lu Kang told a
regular briefing: "I think the operation of the AIIB will be decided by
the AIIB rules, which are made by all the members."
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